Saturday, July 4th30.3°C
26932
26096

BMO Financial Group in talks to buy British money manager F&C Asset Management

TORONTO - BMO Financial Group (TSX:BMO) is in talks to buy F&C Asset Management in a potential deal worth roughly C$1.3 billion, the British investment firm said Monday

F&C Management said BMO has proposed a bid of 120 pence per share in cash for the firm and the two are in "advanced discussions" regarding a possible offer.

However, the investment manager cautioned that a firm offer has not been made.

BMO has until Feb. 24 to announce either a firm intention to make an offer for F&C Management or that it doesn't plan to make a bid.

"The announcement was put out with our consent in accordance with U.K. regulatory requirements," BMO spokesman Paul Deegan said in an email.

The bank declined further comment.

Canadian banks have been beefing up their wealth management businesses in recent years.

At a recent banking conference, BMO chief executive Bill Downe said the bank was prepared to grow its wealth management business through acquisitions if the right opportunities were available.

F&C Management traces its history to the launch of the Foreign and Colonial Investment Trust in 1868.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 



26935

FEATURED Property
23434481305 - 4014 Pritchard Drive
2 bedrooms 3 baths
$859,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_








Member of BC Press Council


26916